Mingpai Jewelry announced in the evening of June 29 that in order to improve the financial structure of the photovoltaic subsidiary, it would increase its capital by 200 million yuan to the subsidiary Sun and Moon Light Energy.
Mingpai Jewelry said in the announcement that in order to meet the business development and operation needs of its subsidiary Zhejiang Riyue Solar Energy Technology Co., Ltd., improve its financial structure and enhance its ability to resist risks, the company intends to use its own funds to increase the capital of Riyue Solar Energy by 198 million yuan . Another shareholder of Sun-Moon Solar Energy, Shaoxing Mingpai Jewelry Sales Co., Ltd. (A wholly-owned subsidiary of the company), increased its capital by 2 million yuan according to its shareholding ratio (1%).
The announcement disclosed that before the capital increase, the registered capital of Sun Moon Solar Energy was 800 million yuan, and after the capital increase, the registered capital of Sun Moon Solar Energy will become 1 billion yuan. According to
the financial report, as of March 31, 2026, the total assets of Sun-Moon Solar Energy were 2.505 billion yuan, the total liabilities were 2.350 billion yuan , the asset-liability ratio was as high as 94% , and the net assets were only 155 million yuan.
Sun-Moon Solar Energy is a photovoltaic business company of Mingpai Jewelry. In 2023, Mingpai Jewelry announced the cross-border layout of photovoltaic business, and in February of that year announced the construction of 20g W solar cell "Super Factory" project in Keqiao, Shaoxing, Zhejiang Province, with a total planned investment of 10 billion yuan.
However, before the project is put into production, the photovoltaic industry has ushered in a rapid downward cycle, and the photovoltaic business has rapidly become a drag on the company's performance from the "second profit growth point" of Mingpai Jewelry.
In 2025, the gross profit rate of Sun-Moon Solar Energy, a photovoltaic subsidiary of Mingpai Jewelry, plummeted to-134.54%, with an annual operating income of only 160 million yuan. So far, Sun-Moon Solar Energy has achieved a net profit of -10.465 million yuan, -274 million yuan and -480 million yuan from 2023 to 2025, showing a loss for three consecutive years, and the loss has been greatly expanded. At the annual online performance presentation in
2025, when investors pointed out that the company's cross-border photovoltaic was an "absolutely unsuccessful decision", the company expressed its "apology to investors".
Crossing the first "priority"
of the cycle recently, a number of leading photovoltaic companies have announced the increase of their subsidiaries.
On June 25, Aixu announced that it would increase its capital by 800 million yuan to its subsidiary Chuzhou Aixu in order to enhance its capital strength, optimize its capital structure, reduce its asset-liability ratio and enhance its market competitiveness.
On June 23, Tongwei announced that it would increase its capital by 5.06 billion yuan to Tongwei Solar Energy, a wholly-owned subsidiary, in order to support the sustained and high-quality development of its business, optimize its asset-liability structure, enhance its capital strength and risk resistance.
It is reported that the asset-liability ratio of Tongwei Solar Energy was 99.46% at the end of 2025, and rose to 101.24% in the first quarter of 2026. In January
this year, Jingke Energy disclosed that Haining Jingke, a holding subsidiary of the company, intends to introduce strategic investors to increase capital and expand shares. All parties intend to increase capital by no more than 3 billion yuan in cash, and the funds will be used to repay financial liabilities or operating liabilities. The company said that the introduction of war investment will further enhance the company's capital strength, optimize the company's capital structure and resource allocation, improve the company's asset operation efficiency, and consolidate the company's leading edge in N-type TOPCon.
From 2025 to 2026, almost all leading photovoltaic enterprises, such as Tongwei, Longji, Jingke, Aixu, Tianhe, Jingao, TCL Zhonghuan and Zhengtai, issued intensive announcements on capital increase to their companies.
As a typical industry with heavy assets and strong cycle, the urgency of capital demand is particularly strong, especially in the period of deep adjustment, continuous overdraft of "blood loss" for several years, the industry is entering the stage of accelerated and deep liquidation, and enterprises are entering the final stage of the stock game, fighting for capital strength and management quality. Continuously optimizing operational resilience, increasing capital and reducing liabilities have become the first "priority" for enterprises to protect themselves, accumulate strength and cross the cycle at the current stage.
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